Refer to Table 2-18. What is Mickey's opportunity cost of making a hat?
A) 1/10 of an umbrella B) 1/5 of an umbrella
C) 5 umbrellas D) 10 umbrellas
A
Economics
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The cross-price elasticity of demand refers to:
A. the substitution of one good for another as the prices of two goods change. B. a change in the demanded for two goods, following a change in the price of one good. C. the value of price elasticity at which supply crosses demand. D. the percentage change in the quantity demanded of one good resulting from a 1-percent increase in the price of another good.
Economics
When network externalities are present, the market demand for the good in question becomes:
A. less elastic. B. more elastic. C. unit elastic. D. perfectly inelastic.
Economics